PPP/Tax Credits – Practical Advice for You
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We recently wrote a PayDay with our first observations on the new pandemic stimulus law. We suggest that you read our previous PayDay for some basic information about PPP loans,…
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More PPP Cash – Less Tax
The COVID relief stimulus bill, titled “Consolidated Appropriations Act 2021 (hereafter CAA), was signed into law the evening of Sunday, December 27, 2020. The CAA contains several provisions which will…
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The 2021 W-4 – What you Need to Know
As you may recall, the IRS released a brand new form W-4 in 2020. The 2020 update was a complete overhaul to the form that most of us had been…
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Unemployment – Taxes, Fraud and Merit Rates
The purpose of this PayDay is to alert our clients and readers to various developments, letters and procedures which are “new in 2020” pertaining to employers subject to the Indiana…
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1099-NEC Form for Contractors/Freelancers
The Internal Revenue Service developed a brand new, 2020, Form 1099-NEC, which is to be used to report payments for services of $600 or more during 2020 to independent contractors…
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Preparing for a Smooth Year-End
While most of us can’t wait to say goodbye to 2020, there is still work to do to ensure a smooth year-end. Putting in a little time before your final…
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PPP Loans/Tax Holiday Updates
We have written many previous PayDay newsletters about PPP loans and the “payroll tax holiday,” all of which can be found at our website blog. Since a few weeks have…
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Payroll Tax Holiday – Update
Treasury released “guidance” Friday night to clarify President Trump’s August 8th executive order pertaining to the “deferral of employees FICA tax withholding” during the pay period September 1-December 31, 2020.…
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Payroll Tax Holiday – Our Thoughts
President Trump signed an executive order on August 8th which orders employers to stop withholding the 6.2% FICA/social security tax from employees, effective for paydays from September 1-December 31, 2020.…
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Mid-Year Paycheck Review – Important!
Employers may wish to encourage their employees to review their federal income tax withholdings for 2020, so they do not end up with a negative “tax surprise” when they file…
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